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1 October, 05:07

A letter of credit states that an exporter has availed credit from the bank to manufacture goods.

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  1. 1 October, 08:39
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    I think that statement is false

    a letter of credit does not states that an exporter has availed credit from the bank to manufacture goods, but it st ates that the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents instead.
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